Cohu, Inc. (NASDAQ:COHU) Q1 2024 Earnings Conference Call May 2, 2024 4:30 PM ET

Company Participants

Jeff Jones - Chief Financial Officer
Luis Muller - President and Chief Executive Officer

Conference Call Participants

Brian Chin - Stifel
Ross Cole - Needham
David Duley - Steelhead Securities
Craig Ellis - B. Riley
Toshiya Hari - Goldman Sachs

Operator

Good day and thank you for standing by. Welcome to Cohu’s First Quarter 2024 Financial Results Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to Jeff Jones, Chief Financial Officer. Please go ahead.

Jeff Jones

Good afternoon and welcome to our conference call to discuss Cohu’s first quarter 2024 results and second quarter outlook. I am joined today by our President and CEO, Luis Muller. If you need a copy of our earnings release, you may access it from our website at cohu.com or by contacting Cohu Investor Relations. There is also a slide presentation in conjunction with today’s call that maybe accessed on Cohu’s website in the Investor Relations section. Replays of this call will be available via the same page after the call concludes.

Now to the Safe Harbor. During today’s call, we will make forward-looking statements reflecting management’s current expectations concerning Cohu’s future business. These statements are based on current information that we have assessed but which, by its nature, is subject to rapid and even abrupt changes. We encourage you to review the forward-looking statements section of the slide presentation and the earnings release as well as Cohu’s filings with the SEC including the most recently filed Form 10-K and Form 10-Q.

Our comments speak only as of today, May 2, 2024 and Cohu assumes no obligation to update these statements for developments occurring after this call. Finally, during this call, we will discuss certain non-GAAP financial measures. Please refer to our earnings release and slide presentation for reconciliations to the most comparable GAAP measures.

Now, I’d like to turn the call over to Luis Muller, Cohu’s President and CEO. Luis?

Luis Muller

Good afternoon. First quarter results were in line or better than guidance with non-GAAP gross margin of 46% and EPS of $0.01 as we navigate through the eye of the storm in this semiconductor cycle. We estimated test cell utilization at the end of first quarter, up 1 point to 72%. We expect business conditions to remain more or less at this level for another quarter or two before we start seeing improvement.